Panama Papers goes online with Sri Lankan companies on list-Updated

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May 09, 2016 (LBO) – The International Consortium of Investigative Journalists on Monday released a searchable database of more than 200,000 offshore entities that are part of the Panama Papers investigation.

The data comes from the Panamanian law firm Mossack Fonseca, one of the top players in the offshore world, and includes information about companies, trusts, foundations and funds incorporated in 21 tax havens, from Hong Kong to Nevada in the United States.

Several companies with links to Sri Lanka were on the list (see below) and more than 50 Sri Lankan addresses were also identified in the papers.

“There are legitimate uses for offshore companies and trusts. We do not intend to suggest or imply that any persons, companies or other entities included in the ICIJ Offshore Leaks Database have broken the law or otherwise acted improperly,” ICIJ said on its website.

Lanka Business Online will seek comment from the Sri Lankan companies mentioned in the Panama Papers.

Offshore companies are not illegal but their function is often to conceal both the origin and the owners of money, and to avoid tax payments, the BBC reported.

It is not yet clear whether the names reveal companies that have minimized their tax liabilities in low-tax jurisdictions or those who have broken laws and avoided paying tax.

Sri Lanka’s Central Bank Governor Arjuna Mahendran said recently that the authenticity of the documents will have to be established and an investigation will take place.

The data can be accessed here

Connections to Sri Lanka:

Yapa Hetti Pathirannahalage Nissanka Yapa Senadhiathi – Avant Garde Pte Ltd
Y H P Kithsiri Manjula Kumara Yapa – Avant Garde Pte Ltd
Senerath Bandara Dissanayake – Avant Garde Pte Ltd
Prasanna Athanasius Sirimevan Rajaratne – Avant Garde Pte Ltd
Kenneth John Pendigrast – PASKEVILLE TRADING LTD
Kenneth John Pendigrast – SCATOLA FINANCE LTD.
Mohamed Siddeek Mohamed Ali – KALIN INTERNATIONAL COMPANY LIMITED
Mohamed Siddeek Mohamed Ali – KALIN INTERNATIONAL COMPANY LIMITED
Min Xuan – LENZSKI INTERNATIONAL LTD.
Jayakody Arachchige Dona Marian Srini Pamela Jayakody – GRAND RISE INDUSTRY LTD
Jayakody Arachchige Dona Martin Srini Pamela Jayakody – Lucky Stone Indus Ltd.
Palavinnege Sumith Cumaranatunga – EMPIRE STAR HOLDINGS LTD.
Tristan Laurens Bernard – Hotel IQ International Ltd.
Nicola Dawn Hakansson – NETWORK LIMITED
Michael Robert Nasmyth MacPherson – KACHINE LIMITED
Aroon Hirdaramani – Brown International Limited
Mona Hirdaramani and Aroon Hirdaramani as Joints tenants with Rights of Survivorship – STONECROFT INVESTMENTS INC.
Arun Prakash Mahtani – PASSION CHINA LIMITED
Mukesh Khubchand – ADVANI INVESTMENTS LIMITED
NG Yin Peng – GENIUS.COM LTD.
Simon Finch – BEST CHEERS LIMITED
Christopher Rohan Martin -Trump Trading Limited

Intermediaries:
SIMON PAUL FINCH – BEST CHEERS LIMITED
ASIA CAPITAL LIMITED
ADVANTEC NETWORK SYSTEMS PVT. LTD. – OVERSEAS FINANCE LIMITED

Offshore entities:
BEST CHEERS LIMITED – SIMON PAUL FINCH
TECLLOYD LTD. – ASIA CAPITAL LIMITED
OVERSEAS FINANCE LIMITED – ADVANTEC NETWORK SYSTEMS PVT. LTD.

Companies with “Lanka” in name:

LANKA BELL (PRIVATE) LIMITED Incorporated: 23-SEP-2004; Jurisdiction: British Virgin Islands; Linked to: Singapore
Carbon Positive Sri Lanka Land Ltd 14-NOV-2008 Jurisdiction: British Virgin Islands; Linked to: Australia
LANKA INTERNATIONAL CO., LTD. 08-APR-2010 Jurisdiction: Nevada; Linked to: Hong Kong

Chart of connections in Avant Garde Pte Ltd:

avant garde panama papers